The S&P 500 Index closed at a record for the fifth time in six days, as technology shares rallied amid deal activity while corporate earnings spurred optimism that results this season will be sturdy enough to help sustain equities at record levels.
SoftBank Group Corp.’s agreement to buy ARM Holdings Plc for $ 32 billion spurred gains in semiconductor shares, while tech heavyweights Apple Inc. and Alphabet Inc. rose at least 1.1 percent. Bank of America Corp. advanced 3.4 percent after posting higher profit in each of its four main businesses. Hasbro Inc. dropped 6.6 percent as sales in its boy-oriented toys disappointed, and energy producers retreated with crude oil. The Dow Jones Industrial Average closed at a record for a fifth straight session.
The S&P 500 Index added 0.2 percent to 2,166.83 at 4 p.m. in New York amid light trading, following three consecutive weekly gains.
Equity futures extended a drop on Friday after news that factions of Turkey’s army tried to overthrow the government of President Recep Tayyip Erdogan, but rebounded after the premier’s supporters put an end to the coup by Saturday.
Source: Bloomberg
